HMRC Is Shite

HMRC Is Shite
Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.

Monday, 2 July 2018

Pensions Clusterfuck

It seems that HMRC has uncovered decades worth of pension data errors.

The Telegraph reported over the weekend that tens of thousands of pensioners could undergo major changes in their finances as a result, with some losing up to 50 percent of their salary.

Others could see a significant boost to their income, with some who have not received the correct amount being given backpay and a future raise.

The errors were discovered during a data cleanup starting in 2014, the largest involving retirement benefits in UK history.
Missed payments to pensioners apparently range from £50 per year to £10,000 over the course of a lifetime.

The affected accounts are both public and private sector, schemes, which hold records of millions of people.

A Government spokesman is quoted by The Express:
The reconciliation exercise has been underway for some time. Most queries submitted as part of the exercise do not have an impact on the amount of an individual’s state pension.
However where queries do result in changes, we are notified by HMRC, and where the pension is in payment, review the award and notify the individual of the change.

HMRC and pension scheme administrators determine whether the GMP figures are correct.

However, where overpayments of State Pension do occur due to incorrect GMP figures, individuals will not be expected to repay any overpayments.
It is estimated that £22million of overpayments hit 10,000 people last year alone in the Civil Service Pension Scheme.

Some pensioners on the scheme were asked to repay overpayments to their account, prompting the Cabinet Office to call for investigation.

The Department for Work and Pensions (DWP) have said they are in the process of notifying people who have been affected.

If you are worried and want to contact the department yourself, you can do so via the government website here.

Tax does have to be taxing.

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